Subject: Exchanges - Market Makers and Specialists

Both Market Makers (MMs) and Specialists (specs) make markets in
stocks, meaning they buy and sell from their own accounts. MMs are
part of the National Association of Securities Dealers market (NASD),
sometimes called Over The Counter (OTC), and specs work on the New
York Stock Exchange (NYSE). These people serve a similar function but
MMs and specs have a number of differences. See the articles in
the FAQ about the
NASDAQ
and the
NYSE
for a detailed discussion of these differences.